Harvard Discloses $2.2 Billion SpaceX Stake, Its Largest Public Holding

What happened

Harvard Management Company (HMC) disclosed a $2.2 billion stake in SpaceX as of June 30, holding 12,935,100 shares worth $2.21 billion, according to an SEC filing. The position is more than half of HMC's $4.26 billion reported portfolio and over six times its next-largest holding, a $350 million stake in Taiwan Semiconductor. SpaceX went public on June 12 in the largest IPO in history, priced at $135, raising $75 billion. Shares peaked at about $225 but fell to roughly $140 by August 15. HMC also opened a $239 million position in AI chipmaker Cerebras Systems and increased holdings in Nvidia and TSMC.

Why it matters

The investment creates a major financial tie between Harvard and Elon Musk, who in December 2023 called for defunding the university. It also reflects HMC's growing bets on artificial intelligence and semiconductor companies. Meanwhile, SpaceX is pivoting toward an AI infrastructure platform; its AI business generated $2.561 billion in Q2 revenue, and Musk expects it to exceed all other SpaceX businesses combined in September. The stake's size makes it a significant factor for Harvard's endowment performance and for SpaceX's market valuation.